tv Boom Bust RT January 18, 2018 7:30pm-8:01pm EST
clock is ticking down with less than thirty eight hours to go lawmakers like facebook read. this could mean big trouble for the stock market could be costly. to close by especially big. barn government. lawmakers do not reach a deal on historically speaking that includes five hundred. balls non-virgins person i was struck down according to experts in the past to market. their direction and government service earlier this week. strong. possibility of a government shutdown looming the learned doctors my now the dow down. two hundred eighty three closing down ten point three points the s. and p. five hundred dollars as well. percent. of the experts think the stock market is.
down. then stepped. down. now according to the office of. the last big government shutdown there were two during president clinton got. president of iraq back in two thousand and thirteen. twenty five billion dollars according to experts that are other things could be expanded government shot down for example signing up for new social. programs. goes on for an extended period of time cutting a lot of things out of iraq that may run into trying to figure or bring new product support to the state department applications. and bang on one first some can be challenging i'm not
a government shutdown. that much more in. congress hasn't been right. the way the government. powers are taking away. what a federal government will close if congress does not pass a funding bill by midnight ride that the closure will not only cost taxpayers money as we've discussed on the program before but if a shutdown lasts longer than a few days. private sector jobs and put it in economic reform expect that was the case back in two thousand and thirteen the last time there was a government shutdown a long enough you'll get it but a shutdown is no act as congress struggles to pass a bill to fund the government through the rest of the fiscal year that's the end of september. agreed on a short term stopgap funding bill that would essentially push this rather
controversial purse strings and policy debate down the road so what will happen with a fellow with a crystal ball and in the studio today conservative cleaning and radio commentator need moral strength to thank you for being here and really washington island it's a great thing that thanks for having me let's go to regular person letters that are just on a t.v. box ok let's get into it your crystal ball is here a cloud cleaner is what do you see happening by that which we are trying to ignite well there is going to be a continuing resolution to show a terrorist act but it might come i don't know might come after a closed down of the government act i don't know how far the democrats are willing to push that i think the conservatives will get onboard one way or another i think the behave themselves and i think a little slip but i had the democrats going to go to the wall pardon the pun intended for daca and immigration or are they better thinking ok a. napkin type
concealer will do the continuing resolution and a direct docket after the fact that the question. and the a lot of people might think and i'll let you explain it that look at the republicans control the house. they control the senate president trumps a republican. ban on little if they don't get this done and they like the majority but that's their entire case now they say the republicans will be responsible for a while kind of dogmatic like as little as they control the whole bill as the senate and the wire act but in the senate you need sixty votes collecting one so the need line democrats of every republican vote electronically you accept a deal a package whether it's a budget cutting is a categorical resolution you can't do it with nine democrats so the democrats will ultimately be responsible for setting up the government in my view and against a political mishmash because there are eight democratic senators up for reelection
in november from rags that went for trial today want to close down the government over dhaka and then have to run on hey we closed down the government over tackling red states that's not going to do well for them so i think the democrats are kind of in a state of turmoil as to which way to go to challenge you on just a little little bit and you're welcome and i know first of all the reason that you have to be sixty votes at the scale you can call cloture correctly now you know but for a blue wrist. culture a sixty vote is not required only but it's required on bills that spend more than a certain amount and there's a simple majority rule but now on a budget that spending trillions of dollars so you could culturalism cracks would be blowing because liberal democrats but actually if you're going to get other republicans if the what the republicans are proposing so far to the right you might actually get some democrats and you get the moderate republicans to. sort of
balancing act that should be done. to get everybody to come together. well you know the president is going to clearly deadly and tackle for instance an integral shingling could be other republicans are going to get willing to go. do you go back or you need to build some kind of border wall and thanks to border security to get rid of train migration which the curb in athens was a reckless turn all of a sudden and got rid of this company line a great deal that was worked out according to all deal with graham and i'm gonna cry and gurgled back in the correct training migration electronics for the lottery because some other countries can do that here so yeah i get there is a deal to be hacked but you know what the democrats might feel especially in the aftermath of the alleged comments by donald trump that maybe it's partly why i know that my politics contract the government can and then blame the republicans and say we can deal with this racist maniac in a while out there i don't think he's a racist maniac i'll use a letter on the ballot as
a blood line to make that clear that i don't believe that right back there actually that that's a role they could go down so i don't know where we're going to wind up on this but let me ask you not literally manically leading to that right but that which i know you don't believe in but the president. on immigration and explain to this whole budget. deal was trying to essentially like it was like tactical and really not a get to be enough time where every little thing but should the president exert a little bit more leadership on this to try to get to a deal i mean i remember writing an app you know hard to believe but after do it i liked it. for another day at work actually and i said that he was a big deal maker in chief and everything in fact but the fact is he really hasn't shared those great deal making skills yet let it from the long term strategy should he be asserting himself more fiercely. i don't know we remember when you like all
those ninety minutes everybody thought was going on in the office and you guys work it out and i'll sign it i don't know but then he comes back and says i don't like that they're going to deal with that with graham and acting like that the democrats don't want to be hard to have a leadership. politically switching to the electoral body thinking is coming through the media through twitter maybe they need to get a handful of them in a room with trump and hammer it out maybe he does need to a little slow there is little business work at that a bad idea but. i think that is really kind of a far at least a far right. being facetious we all hope that we get the budget to do the right thing for the country be included only asking about other issues you mention the war we've talked about but in the past on the program eight hundred billion dollars . but there is also the drift the jacket bill to allow these folks that are in the country no power around to their kalevala can at least because when i get to the
next thing by not letting her traveling the world they're adults. and famous or working in contributing paying taxes which are tricky but dealing with that is that a good issue but what about. the checks program the trial that we're going to get another kind. of look at that like with like the democrats feel right now and say hey fix really well find the children's health care program for six years to have to come across realistically vote against iraq just because they don't have backup they're going to tell their constituents in the clip that everybody else well now we didn't have particularly because we don't have tackled went back a couple of direct separately so i think the republicans again every single time that there are conservative republicans i should point out who want the military budget expanded now this would be the fourth c.r. i believe and that has not been addressed the and they're going to set up like that so republicans also have their little potential mutiny you know in the background
as well by the way. they point to fairness democrats when they control both houses of congress and a lot of traffic a lot of hard times on trying to get little funding bills into one. i think in general these short term political talking about good bad or indifferent. just pushes the problem down till next time we'll be talking to you but we'll be here in a month going on with the same conversation and quick point in all thirteen when they had that big government shutdown the republicans were blaming the obama was president ted cruz was blamed in a blame back then in the next term record gains in the house and senate so i don't know that it's all got much of a poison pill to be blamed for a government shutdown as we've seen throughout history basically right politically really accomplished to pertain to still feeling ok and well so long to live here at the new york yankees. time now for
a quick break when we return we'll get the good old what's going on with the volatile part. of the u.s. regulators think they will focus on digital currency here what goes well actually we need to go to break with the numbers composite closed yesterday with. a look you first claimed six words should we close if you are the numbers that we quote. is must going to fit into steve jobs is by coming up with innovative products you know the electronic gadgets market is a little bit different in the car business because the car business is you know you kind of bound by the highway system and you're bound by the whole infrastructure
that is the automotive industry and the lobbying of the automotive industry so it's a bit difficult to be disruptive in that industry in a way he's going to open up a starting stations with nine hundred fifty style burger and shake joints with servers on roller skates ok that's that's an idea that might take off that might be a new like starbucks like third place that people go to to have an experience that might work. with popes who. put themselves on the line be there the capital rejected. so when you want to be president. i want to be rich. to going to proceed with what will before three of them or be good. i'm interested in the warnings in the. first.
i think that is what drove needs confidence and confidence is based on. i strongly believe that the u.s. and europe have any place to be the united states has been a partner in creating that fool based system. i'm afraid that's. true if forwards and especially language there's interim past been using that i'm not that confident that the contribution of the united states to that tool based system is still as relevant as superspeed. you on the idea that dropping bombs brings police to the chicken hawks forcing you to fight the battles of. the new socks credit tell you that celebrity gossip and tabloid lifestyles are the most important news today. off the bat doesn't tell me you are not cool enough to buy their product. all the
hawks that we along with all those. the production rose sharply in december up nine tenths of a point and up three point six percent year over year industrial production as a measure taken by the federal reserve based upon output by manufacturing factories mines and utilities the increase is attributed to the cold weather much of the us experienced in december which boosted the need for utility power to heat homes and businesses while the overall number is very strong manufacturing was essential a flat by itself and less in october and november numbers. the collapse of karelian the second largest construction firm in the u.k. has created an economic political crisis the for the firm announced monday that it
was going into liquidation karelian contracts with the government for a broad variety of services that include running or supplying schools prisons and hospitals as well as construction the firm's collapse threatens the jobs of nineteen thousand crilly and workers and many more at subcontractors karelian sank under weight of a one point three billion dollar debt as well as eight hundred million deficit in which the company's pension fund was based this morning british prime minister conservative teresa mayes government announced the creation of a task force to help companies and workers who might have been hurt by the collapse labor party leader jeremy corbyn has criticised a conservative government not just on oversight of karelian contracts but the privatisation model he told the u.k. guardian today that if labor takes over power quote quote unquote we will write the rules to give the public back control of their services. barclays
the seventeenth largest world of the bank with assets valued over one point five trillion dollars is in the news again in two thousand and fifteen the bank agreed to pay one point five billion dollars to settle with the u.s. and u.k. authorities for manipulating foreign currency markets now robert to kiki the former head the former foreign secret foreign currency trader head at barclays has been accused the front running by the u.s. department of justice front running is where a trader takes an action ahead of its customer upon knowledge of what the customer intends to do in this case d.o.j. says the barclay trader defrauded hewlett packard h.p. by front running to the to about six billion pounds roughly eight point three billion dollars the trader was caught in part due to a recorded line which is required for such traders and with on which mr boutique said he would quote bash and spank the market to lower the value of h.p.'s trading
position we'll see what a federal judge says about who ultimately gets spanked. as digital currency currencies continue their wild ride falling in value in recent days regulators are getting tougher for example finra the financial regulatory authority has determined that their focus this year will include how their member firms and sales associates are facilitating digital currency transactions this comes in the wake of some firms like merrill lynch announcing that their investment advisers will not be allowed to assist customers in obtaining digital currencies here discuss all this and more is gary to wall one of the foremost experts on financial regulation and special counts counsel at law firm caton mutual roseman and a friend of mine in the past we've talked many times gary thank you for being with us first of all some of our viewers may not know even what fin. it is can you
explain what bidder is and while you're at it. and spell out an f.a.a. national futures association to share a bargain as you as you may as you recall from your days as a very good commissioner at the see if the see we have bifurcated regulation of the united states of our security and there it is the markets the s.e.c. this curious exchange commission oversees the securities markets the commodity futures trading commission overseas that there is markets underneath each of those regulators there are self regulators these are effectively private companies that have the mandate to oversee aspects of the business in the securities industry that self-regulatory organization is known as the financial industry regulatory authority or finra and in the futures industry that regulatory self-regulatory is the organization is known as the national futures association at f.a.a. ok great so general have this pocus they've said in recent days i know you've written about this gary this focus on digitals this year is this just something that they have to do i mean they can't avoid it sent digitals or are so big and
what do you think the actually be doing very well i think last year saw the first registration that i was aware of a broker dealer that in fact a gauged in the cryptocurrency space and i wouldn't be surprised if you see more and more of that this year and i'm not one to be surprised if you see the same thing happening in the in the future space where more and more f c m's will be allowing their clients access to digital currencies through two futures contracts and i think that what fender is trying to do is make sure that the broker dealers the members that engage in these activities comply with applicable law and what they're trying to make sure is first and foremost understand what folks are doing in the crypto space in something called additional coin offerings and they're trying to make sure that firms have policies and procedures recently designed to ensure compliance with affable security laws and related matters so i may want to get back to that but. ceo's that a minute but go ahead and talk about n.s.a.
just a little bit and my our old agency you work there too my futures trading commission you know there are bitcoin futures contracts out there at cboe and c.m.e. group how's that going and how will regulators and n.s.a. be looking at those scary. sure well the commodity futures trading commission actually has among the broadest. oversight of any regulatory agency in night states effectively all starts with a definition of a commodity and for lack of for the most simple way of looking at a commodity it's effectively any noun other than onions and box office movie rights and the c.s.t. c one somebody develops a derivative contract based on a commodity has exclusive jurisdiction so the see if he she actually has been involved in the in the regulation of the crypto space for a couple of years now under the former chairman timothy masset said that see if he has jurisdiction the space and the sea if he sees in fact brought a number of enforcement actions against folks for violating specific requirements
that would apply to certain individuals or persons that that buy and sell crypto currencies for the public so they actually have a couple of years now of experience most recently the commodity futures trading commission. entities under their jurisdiction the exchanges the chicago mercantile exchange the cboe futures exchange develop futures contracts which they self certified and there are special process that starts on the law where in fact they began or figure as you say futures contracts to the public. these are cash settle contracts but also last year the see if approved. exchange as well as a clearing organization that handles spot or or the actual big court itself ultimately that was called ledger acts so the sea of the sea has been very very active in this space it's not that they're promoting the product it's not that they're saying the product is a good product but they're saying it's
a product it's out there we can't ignore it so we're going to apply our regulations as they exist today the best we can right we've got just about thirty seconds left gary but i did talk about i.c.'s just briefly how is the s c c looking at these things they've exploded. what's their sort of regulatory purview and and what do they think's going to happen sure well a lot of a lot of the cryptocurrency are associated with a technology called block chains and these crypto currencies are exploding lots of people have used cases last week you might have heard about kodak company that stodgy company up in rochester coming up with its own block chain and the kodak token well the f.c.c. has taken the view that certain securities where when they're issued in support of a specific project and then people purchase them with the expectation of profiting mostly the secondary market could be securities and other regulation and either require it to be registered or be issued subject to a specific exemption but rules have to be followed i will say generally so far the
f.c.c. has been much more conservative in this space than the c.s.t. see but we'll see what happens going forward yeah i actually agree i think they should go ahead and regulate a minute as equities while they don't have anything better gary do all special county council it. thank you so much for joining us very very much appreciate you being with us thank you good to talk to you bart. bitcoin has taken a big tumble as of late for more let's check in with our d. correspondent alex behala bichon toronto alex what's what's the latest in the world of digital currencies it's been a roller coaster ride are the best way to put it on tuesday and wednesday big hits for both corn and a theory and they are the two biggest market value wise bitcoins or crypto currencies i should say out there with bitcoin itself we saw a drop of fifty percent down to nine thousand one hundred ninety nine dollars and fifty nine cents with a theory and also bouncy ride dropped to a three week low seven hundred eighty dollars and ninety two cents but today their
performance was much better both have gone up not to the record that they have not even close but look it's strolling that they're still alive when it comes to big corn right now they're sitting at around eleven thousand eight hundred eighty dollars and for a theory of one thousand one hundred fourteen dollars this proves that both the currencies are still alive but you know one of those things intangible for many people you can't touch it don't buy it i used to buy dad saying he was a pretty good real estate developer and investor absolved i kind of stick to that that's why i don't buy bitcoin but when you look at something like this right now people are still investing obviously since they did bounce back alex it was pretty shocking i think for a lot of people given that bitcoin was up and i think it was december fifteenth to twenty thousand and then as you report you know it dropped below ten thousand yesterday it was moving around a lot when we went to air yesterday it had gone from below ten thousand thousand i think to ten thousand nine hundred and something so it has been
a roller coaster ride but let me ask you what's happening with regard to think this is happening in part because of some of those forces in asia south korea china etc well absolutely people are being spoofed i mean other than the fact that bitcoin itself or the crypto currencies i mean how much can you really buy with these things right now how much is at the. being used for the type of trade that we use money for when we buy goods and services not really so i mean that's one part that's been but another part of spoofing people is china for example china came down hard on bitcoin at the end of last year and its continuing its assault word is that china wants to shut down all of its exchanges when it comes to crypto currencies and south korea is following that lead both countries are not the big fans of the cryptocurrency is themselves and it they are making moves forward to rid themselves of any type of trading and that's a pretty amazing thing that china is the biggest place where crypto currency is or where bitcoin is actually formed where it's created so when you look at it this way
you can see that the chinese government really has an axe to grind here and south korea as i say is following suit alex i've only got about thirty seconds here when we talk about volatility a lot of energy being put into this i say energy i mean energy what do you know about the energy angle here look bitcoin right now is using just to create bitcoin is the amount of power that new zealand uses a country of four point three million people you know that let me just tell you let me break it down for you that's forty two terawatt hour hours this week alone so in china where will bitcoin is being mined more than anywhere else and you're looking at the amount of emissions that are coming up and we know it's usually dirty energy in china twenty million metric tons per year being of carbon dioxide emissions now these are the chinese people that are doing it there are because of everything that's going on in china are looking at quebec canada cheap energy there and they're thinking of moving operations over but who knows the thing expired by the time they make the move or will bitcoin keep moving because the more big corn we
have the more it's moving the more energy that needs to be spent and with that obviously comes some environmental issues we want to get into this deeper next time to on the energy aspect are to correspondent alex mahela page thanks very much and that is it for now thanks for watching be sure to catch boom bust on you tube youtube dot com. r.t. catch you guys tomorrow. apply for many clubs over the years so i know the game and sorry guys. football isn't only about what happens on the pitch for the final school it's about the passion from the fans it's the age of the super manager billionaire owners and spending two hundred twenty million. so it's an experience like nothing else not to because i want to share what i think of what i know about the beautiful guy great
so one more chance with. the base. with the islamic state in its many confederates defeated or facing defeat in syria what is next for this war torn country what justification exists for the us to maintain military forces there does washington want syria partition itself and why . young children have worked in bolivia for generations almost three quarters of a million doing so today. this culture led to the development of bolivia's new liberal and highly controversial children's code in two thousand and fourteen which gave children as young as ten the right to work under certain circumstances one
does anything as. these animals. eat but with that you haven't the end of. the things years. but there are hundreds of thousands of children in bolivia operating completely outside the local. mining work is strictly forbidden by the children but it's never enforced and that means the school boy minus here continues risking their lives for the money they need to survive on.
was. was and. was. turkey demands the u.s. and its support for syrian kurds a major sponsor between the two countries over washington trained border forces. hundreds of prison guards go on strike over unsafe working conditions or french jail thought to be a one thread for islamic radicalization. i don't see obtains a new leak from the front group that raises concerns over how doping cases were handled during the rio olympics in twenty sixteen.